OM Group just keeps on keeping on. Over the past week, OMG has
rallied nearly five points after breaking free of its
consolidation base at $55.00. Today, the company's stock rallied
$1.20 to close at an all-time high of $59.80. Much of today's
enthusiasm could be attributed to yesterday's report that the
company's cobalt sales volume was up 18 percent in the first
quarter and that recent increases in battery demand from the
battery market have limited availability of material. For now,
OMG has support at Monday's intra-day high of $59.01 with
additional support at the 5-dma at $58.04. Resistance was taken
out on Tuesday, so new resistance may show up at $60 or $61. Look
for entry points on a bounce off of $59 or a breakout above $60 on
volume of at least 60,000 shares by noon. We have moved our stops
up to $56.75, just under the 10-dma, to limit potential losses.